The present invention relates generally to the field of financial data processing, and more particularly to the classification of financial entries.
When an organization or business spans across multiple locations, the organization or business may have multiple procurement departments to buy raw materials, goods or items needed for each of their respective service locations. Enterprise resource planning (ERP) program tracks the procurement department financial transactions, expenses and other financial data associated with the procurement departments. Spend analysis allows for an organization to analyze the financial data contained within the ERP program. However, with the multiple procurement departments entering financial data into the ERP the same terminology is often not used by all of the departments and an identification number for the goods may not be used.